{"id":165,"date":"2009-05-21T15:30:32","date_gmt":"2009-05-21T23:30:32","guid":{"rendered":"http:\/\/kidnexions.wordpress.com\/?p=165"},"modified":"2009-05-21T15:30:32","modified_gmt":"2009-05-21T23:30:32","slug":"deadbeats-rule","status":"publish","type":"post","link":"https:\/\/www.familymathnight.com\/blog\/?p=165","title":{"rendered":"Deadbeats Rule!"},"content":{"rendered":"

While watching In Debt We Trust<\/em> with Nathan and Ryan, I found out that those who pay off\u00a0their credit\u00a0cards each month are called deadbeats<\/em> by the credit card industry.\u00a0 That makes me a deadbeat.\u00a0 Deadbeats rule!<\/p>\n

I’m not a big fan of the credit card industry.\u00a0 Just because you can doesn’t mean you should.\u00a0 Well the credit card companies did, and a lot of people are suffering.\u00a0 And although a\u00a0tad bit behind…change is a comin’.\u00a0\u00a0 Congress just passed new legislation.\u00a0 No longer will credit card companies be allowed to change rates willey nilley like they’ve been doing.\u00a0<\/p>\n

Don’t get me wrong.\u00a0 I love my credit cards!\u00a0 Last year I “earned” over $600 in cash just because I used them…and paid them off each month.\u00a0\u00a0<\/p>\n

But there is a dark side to credit cards.\u00a0 And our kids need to know about it.\u00a0\u00a0Remember, habits are formed when kids are young.\u00a0 Bad habits are hard to break.\u00a0 Let’s form the good ones.<\/p>\n

Good habits:\u00a0 saving, spending wisely, sharing, living within our means, setting personal financial goals, having a money game plan.\u00a0 If we can instill these habits in our kids at an early age, they’ll have the skills to use credit cards wisely.<\/p>\n

So here’s the low down:\u00a0 A revolving credit card balance is really the same as a high interest loan.\u00a0 If we can have kids agree how ridiculous it is to take out a loan on a\u00a0Rise Against<\/em>\u00a0CD or a new pair of Ambercrombie and Fitch<\/em> jeans, then we have a chance of preventing what has become an addiction in our young adults.\u00a0 But\u00a0won’t kids eventually need to use credit cards to begin establishing credit?\u00a0 That was a question I got asked by one of the mom’s in my money class.\u00a0 The answer.\u00a0 No.<\/p>\n

Remember in the olden days those green American Express cards…the ones you had to pay off each month?\u00a0 They’re still around, we just don’t hear a lot about them.\u00a0 Probably because they don’t generate enough money for the card companies.\u00a0<\/p>\n

They’re called charge cards<\/em>\u00a0and they’re\u00a0the way to go for young adults and perhaps many adults.\u00a0 They don’t allow revolving credit.\u00a0 Ya don’t pay the entire balance at the end of the month, ya can’t use the card.\u00a0 Well, you can try, but it’ll be closed for repairs.<\/p>\n

There is usually an annual fee associated with charge cards but for a young adult who is learning the ways of the charging world, it’s a small price to pay.\u00a0 And the fee for the green AmEx card is only $25\/year.<\/p>\n

Now how about someone like me who pays off my credit cards each month and loves getting free money because of it?\u00a0 You know your child.\u00a0 If you feel he\/she can responsibly pay off the card each month, then, when they’re\u00a0old enough,\u00a0have at the freebies.\u00a0 It’s like being a savvy consumer.\u00a0 But it requires discipline.<\/p>\n

You know what’s one of the best things about being a kid?\u00a0 They’re starting with a clean money slate.\u00a0 How many under-15-year-olds do you know who are in credit card debt?\u00a0 Probably none.\u00a0 My goal is to keep it that way.\u00a0 Let’s help them establish healthy money habits and raise a generation of deadbeats!<\/p>\n","protected":false},"excerpt":{"rendered":"

While watching In Debt We Trust with Nathan and Ryan, I found out that those who pay off\u00a0their credit\u00a0cards each month are called deadbeats by the credit card industry.\u00a0 That makes me a deadbeat.\u00a0 Deadbeats rule! I’m not a big fan of the credit card industry.\u00a0 Just because you can doesn’t mean you should.\u00a0 Well the credit card companies did, and a lot of people are suffering.\u00a0 And although a\u00a0tad bit behind…change is a comin’.\u00a0\u00a0 Congress just passed new legislation.\u00a0…<\/p>\n

Read More Read More<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[8,16,17],"tags":[22,24,26,29,31,228,33],"class_list":["post-165","post","type-post","status-publish","format-standard","hentry","category-kids-and-credit-and-debit-cards","category-teachable-moments","category-teaching-kids-financial-literacy","tag-kidnexions","tag-kids-and-finacial-literacy","tag-kids-and-money","tag-kids-money-management","tag-kidssave","tag-teaching-kids-financial-literacy","tag-teaching-kids-money-management"],"yoast_head":"\nDeadbeats Rule! - Karyn's Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.familymathnight.com\/blog\/?p=165\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Deadbeats Rule! - Karyn's Blog\" \/>\n<meta property=\"og:description\" content=\"While watching In Debt We Trust with Nathan and Ryan, I found out that those who pay off\u00a0their credit\u00a0cards each month are called deadbeats by the credit card industry.\u00a0 That makes me a deadbeat.\u00a0 Deadbeats rule! I’m not a big fan of the credit card industry.\u00a0 Just because you can doesn’t mean you should.\u00a0 Well the credit card companies did, and a lot of people are suffering.\u00a0 And although a\u00a0tad bit behind…change is a comin’.\u00a0\u00a0 Congress just passed new legislation.\u00a0... 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